For JLL’s Todd Burnette, this summer in Fort Worth was not a time to take a break.
“This is the busiest in the summer I can remember,” said Burnette, who has been watching the Fort Worth office market for nearly a quarter of a century. “There was no slowdown.”
That activity was reflected in JLL’s latest third-quarter report showing the market posting its fifth consecutive quarter of positive net absorption, which means more space was leased than vacated. The report also indicates declining vacancy and growing leasing activity.
One fact to note was that while Fort Worth’s Class A office market has been strong for some time, Class B properties are now strengthening.
Both Class A and Class B properties are on track for their first positive year-end absorption totals since 2021, Burnette said.
“That indicates we have put the pandemic market behind us,” he said.
Highlights from the report include:
Leasing activity increased both quarter-over-quarter and year-over-year, with more than a dozen new leases over 10,000 square feet signed in the third quarter.
Goosehead Insurance signed the quarter’s largest deal, renewing and expanding to nearly 250,000 square feet at The Terraces at Solana. The company is planning a $1.8 million project for a 15,000-square-foot renovation project, according to a Texas Department of Licensing and Regulation filing.
Vacancy continues to trend downward.
Additionally, Fort Worth has 377,041 square feet of office space currently under development, with 30% of that preleased. Future office development announcements are likely, Burnette said.
One project nearing completion is Omaha, Nebraska-based Goldenrod Companies’s Van Zandt.
The company recently held a topping out ceremony, signaling the completion of the eight-story structure’s framework.
The 250,000-square-foot mixed-use development is at 2816 W. Seventh St. The Van Zandt will feature 226 apartments, 95,000 square feet of office space and 10,000 square feet of retail, with a total project value of $145 million.
A second project from Goldenrod is around the corner. One University, at 1001 University Drive across from the Museum District, is expected to have its groundbreaking next month.
The project is expected to have about 12,000-square-feet of street-level retail/restaurant space along University Drive, 744 parking stalls, 116,000-square-feet of office space, about 260 multifamily units and a hotel.
Aviation acquisition
Fort Worth’s Aeromax Group, a commercial and military aerospace aftermarket support company, has acquired Loutech, a manufacturer of precision aerospace machined components. This is Aeromax’s second acquisition since being acquired by Chimney Rock Equity Partners. Terms of the transaction were not disclosed.
Headquartered in Chino, California, Loutech manufactures tight-tolerance electrical interconnects and fluid connectors for the commercial and military aerospace market.
Tractor growth
Grapevine-based Kubota USA has filed plans for a new building at 1000 Kubota Drive. Set for completion in July 2028, the $10 million project will feature administrative offices, catering and training rooms.
Do you have news for Bob on Business? Contact Bob Francis, business editor for the Fort Worth Report, at bob.francis@fortworthreport.org.
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